brifly describe the degrees of ealasticity of demand
Answers
Answer:
In simple words, price elasticity of demand is the ratio of percentage change in quantity demanded to the percentage change in price. ... It is thus, rate at which the demand changes to the given change in prices. So, we can say that it is the rate or the degree of response in demand to the change in price.
Answer:
Dr. Marshall has pro-founded the concept of price elasticity of demand. In simple words, price elasticity of demand is the ratio of percentage change in quantity demanded to the percentage change in price.
In other words, price elasticity of demand is a measure of the relative change in quantity purchased of a good in response to a relative change in its price. It is thus, rate at which the demand changes to the given change in prices.
So, we can say that it is the rate or the degree of response in demand to the change in price.